FOOD BRAND
Varun Beverages Ltd to set up units for PepsiCo snacks in Zimbabwe, Zambia
Varun Beverages (VBL), PepsiCo's bottling franchise partner, plans to establish manufacturing units in Zimbabwe and Zambia with an investment of $7 million. The company plans to manufacture, distribute, and sell Simba Munchiez snacks in these territories.
Varun Beverages to set up production units for PepsiCo's snacks brand in Zimbabwe, Zambia
Varun Beverages Ltd's subsidiaries plan to manufacture, distribute, and sell PepsiCo's 'Simba Munchiez' snacks in Zimbabwe and Zambia. They will invest $7 million to set up manufacturing units, with operations starting by October 2025 in Zimbabwe and April 2026 in Zambia. The move aims to expand PepsiCo's snacks footprint and leverage VBL's distribution capabilities
Dabur expects growth in consumption aided by power brands
FMCG giant Dabur anticipates gradual consumption growth this fiscal by expanding into rural markets with its power brands, aiming for better rural consumption while introducing premium products in urban areas. Chairman Mohit Burman projects an upturn in consumption trends due to normal monsoon predictions, improved economic indicators, and government infrastructure spending. Dabur CEO Mohit Malhotra eyes Quick Commerce as a key channel for growth, expecting rural consumption improvement in the second half of the year.
Magicpin reports 100% annual increase in brand onboarding
Magicpin, an offline fashion discovery platform, has seen a 100% year-on-year increase in brand on-boarding, adding 1000 brands across fashion, QSR, and fine dine categories. Over 75,000 local merchants have been added in the last 12 months, with 80% becoming transactional within the first month.
10 Best-selling Refrigerators of July 2024 that Keep your Food Deliciously Fresh
Unveil the best-selling refrigerators of July with this comprehensive guide, showcasing the top models that have captured the market's attention. The selection includes some of the best refrigerator brands such as LG, Whirlpool, Godrej, and Haier, celebrated for their cutting-edge technology, energy efficiency, and durability. From expansive double-door configurations to compact single-door units, these refrigerators are designed to meet diverse household requirements. Each featured model boasts essential attributes such as advanced cooling systems, smart inverter compressors, and intuitive designs.
Bengaluru’s retail stock to touch 20-30 million sq. ft. by 2030
By June 2024, Bengaluru's retail stock reaches 16 million sq. ft., second in India, with 67.6 million sq. ft. nationally. Expected to grow to 20-30 million sq. ft. by 2030, driven by malls, brand awareness, incomes, entertainment, and fashion. Karnataka's economic role noted by Anshuman Magazine. Bengaluru leads in Retail REIT malls. Ram Chandnani predicts regional success with the Beyond Bengaluru program, international brands, optimised space allocation, and personalised services.
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Hungry for more: Food deals trending on startup street
Coffee, burgers, dosas and other brands scoop up new capital. Venture funds are investing in brands like FirstCoffee, AbCoffee, Café Amudham, Curefoods' Eatfit, Cakezone, aided by Sujeet Kumar, Binny Bansal. Curefoods seeks Rs 100 crore expansion.
Investors flock to new-age food brands; ecommerce sales report
Happy Wednesday! Investors are showing a strong appetite for new-age food brands, with notable investments and expansions taking place. This and more in today’s ETtech Morning Dispatch.
D2C snack brand Let's Try secures funding from Wipro Consumer Care Ventures
Let's Try will use the funds to accelerate growth across both offline and online channels. The New Delhi-based company offers a wide range of snacks including baked, fried, and roasted namkeens. Let's Try claims to have a revenue run rate of over Rs 50 crore.
Food watchdog wants quick commerce companies to speed with caution
FSSAI officials have ramped up surprise audits at dark stores and D2C brands.
India vs South Africa T20 World Cup Final: Food Inc eyes quicker commerce on match day
As the national men's cricket team aims to end the drought for an ICC trophy, bars and restaurants that plan to screen the match for fans back home expect to host a full-house and also cater to an increase of 20% to 50% in their online sales.
Human finger in ice cream: Food safety concerns keep quick commerce companies on their toes
Food safety concerns have intensified for quick commerce companies in recent weeks, particularly after a disturbing incident in Mumbai where a customer discovered a human thumb in their Zepto ice cream order. This incident has brought the issue under greater public scrutiny. Here's a look at the latest episodes in the quick-commerce space.
VC funds take a shine to new gen’s D2C brands
Direct-to-customer (D2C) startups founded by scions of traditional business families are raking in venture funding across sectors like food, apparel, and wellness. Investors see these entrepreneurs' deep understanding of the business and connections in the supply chain ecosystems as a recipe for modernising legacy businesses.
Top startup & tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter. The week was packed with important stories broken by our reporters. Here’s a recap if you missed these stories.
Stocks in news: ITC, IndiGo, Grasim, Power Grid, Nykaa, Gland Pharma
Grasim Ltd, part of the Aditya Birla Group, reported 39% growth in its consolidated net profit (excluding exceptional item) at Rs 1,908 crore for the quarter ended March 2024.
Retailers cut stocks of impacted spice brands like MDH and Everest
About a third (32%) of retailers are limiting stocks of MDH and Everest branded packaged spices alleged to have contaminants exceeding permissible ethylene oxide levels, according to Kirana Club, which has 1.8 million kirana stores on its network.
LT Foods Q4 Results: Net profit rises 14% YoY on strong sales
LT Foods, owner of basmati rice brands 'Daawat' and 'Royal', on Friday posted a 14 per cent jump in consolidated net profit at Rs 150.24 crore for the fourth quarter of fiscal 2023-24 on robust sales. The company's profit stood at Rs 131.81 crore a year earlier.
Govt comes out with detailed guidelines to prevent EtO contamination in spices exports: Official
The steps assume significance amid reports on the recall of two Indian spice brands' -- MDH and Everest -- products in Singapore and Hong Kong due to the presence of EtO residue in certain spices. "Mandatory pre-shipment sampling and testing for EtO for Singapore and Hong Kong has been started; and guidelines have been put in place for all exporters to avoid possible contamination of EtO - covering all stages (sourcing, packaging, transportation, testing) of supply chain, for all jurisdictions," the official said.
PVR Inox looks to grow pre-ticketing F&B biz post its JV with Devyani
PVR Inox has partnered with Devyani International to expand into the food and beverage sector. Devyani will hold a 51% stake, while PVR will have 49%. This joint venture aims to boost pre-ticketing F&B revenue through branded food courts adjacent to cinemas. In FY24, PVR Inox's F&B sales rose 21% to Rs 1958 crore. The company plans to open 5-6 food courts initially. PVR Inox is also shifting to a capital-light model, reducing capex and adding new screens through a franchise model.
After Singapore and Hong Kong, Nepal bans 'Everest, MDH Masala' brand
Nepal's Department of Food Technology and Quality Control has prohibited the import, sale, and consumption of two Indian spice brands, Everest and MDH, due to concerns about high levels of ethylene oxide. These are Madras Curry Powder, Sambhar Mixed Masala Powder; Mixed Masala Curry Powder of MDH and Fish Curry Masala of Everest
HOAC Foods IPO booked 17x so far on Day 1; Rulka Electricals' issue subscribed nearly 2x
The initial public offer (IPO) of HOAC Foods is getting a bumper response from investors with an overall subscription of 17 times just within a few hours of opening on Thursday. The issue closes on May 21.
HOAC Foods IPO opens today: Check issue size, price band, GMP and other details
HOAC Foods IPO: The IPO opened today and will conclude on May 21. HOAC Foods plans to raise approximately Rs 5.5 crore through the SME IPO. The company intends to list its shares on the NSE SME platform. HOAC Foods specializes in the production of flour (chakki atta), herbs and spices, unpolished pulses, grains, and yellow mustard oil.
New Zealand looking into Indian spice brands over contamination
New Zealand's food safety regulator to investigate potential contamination in spice products from Indian brands MDH and Everest, following scrutiny in the US, Australia, and Hong Kong for high levels of ethylene oxide, a cancer-causing pesticide. The brands maintain product safety, while Indian regulators conduct inspections and testing. MDH now faces additional challenges with a significant rejection rate of shipments due to salmonella.
Patanjali Foods Q4 Results: Net profit falls 22% YoY to Rs 206 crore; revenue rises 4%
Patanjali Foods Q4 Results: The company reported a PAT of Rs 264 crore in the year-ago period. From Rs 7,873 crore posted in the same period last year, its revenue from operations rose 4% YoY to Rs 8,222 crore in the quarter under review. The Food and FMCG segment achieved an ever highest quarterly revenue of Rs 2,705 crore in the fourth quarter.
Devyani, PVR Inox form JV to develop food courts in malls
Devyani International has formed a 51:49 joint venture with multiplex operator PVR Inox to develop and operate food courts within shopping malls in India. The companies have no consideration exchanged and will invest in the proposed company's share capital in a 51:49 ratio. Existing food court businesses will not be part of the proposed company's business until the expiry, termination, or renewal of contracts.
Before global scrutiny, Indian spice maker MDH faced many US rejections
Hong Kong suspended sales last month of three spice blends made by MDH and one by another Indian company, Everest, for apparently containing high levels of a cancer-causing pesticide. Ethylene oxide is unfit for human consumption and a cancer risk with long exposure. India is the world's biggest spice producer and is also the largest consumer and exporter of spices.
Sapphire Foods Q4 Results: Pizza Hut India operator misses profit view on slow demand
The Yum Brands franchisee's consolidated net profit fell 98% to 23.9 million Indian rupees ($286,271.4) for the quarter ended March 31, from 1.36 billion rupees a year ago.
More guts for our food regulators
Between Nestle's 'added sugar in infant foods' for Indian markets controversy, Food Safety and Standards Authority of India (FSSAI) stopping malted beverages and mixes from being sold as 'health' drinks, and now l'affaire ethylene oxide, food safety is now a hot potato public health topic. Reputational damage that can affect exports aside, reports that we may be routinely consuming harmful products is worrying. More so as growing affluence is changing our food basket and habits. This makes it more urgent to have a robust food regulator with the right capabilities.
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